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Providence Resources P.l.c. : Commercial Update - Frontier Exploration Licence 2/14 - Exclusive Option


Commercial Update
Frontier Exploration Licence 2/14
Exclusive Option


Dublin and London - September 29, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today provides a commercial update on the Exclusive Option (the "Option") entered into with TOTAL E&P IRELAND B.V. ("TOTAL") and as announced on June 7, 2017.  Pursuant to the terms of the Option, Providence and Sosina can confirm receipt of US$ 6.75 million (US$ 5.40 million to Providence), being the second and final Option payment.

Providence Resources P.l.c. Tel: +353 1 219 4074
Tony O`Reilly, Chief Executive Officer       
Cenkos Securities plc Tel: +44 131 220 9771
Neil McDonald/Derrick Lee  
J&E Davy Tel: +353 1 679 6363
Anthony Farrell  
Powerscourt Tel: +44 207 250 1446
Lisa Kavanagh/Peter Ogden  
Murray Consultants Tel: +353 1 498 0300
Pauline McAlester  

Providence Resources Plc is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  The Company`s shares are quoted on AIM in London and the ESM in Dublin.

Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com

This announcement has been reviewed by Dr John O`Sullivan, Technical Director, Providence Resources P.l.c.  John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin.  John is a Chartered Geologist and a Fellow of the Geological Society of London.  He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil.  John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange.

Definitions in this press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Providence Resources plc via GlobeNewswire